Strategic Management: Introduction and Decision Making
15 Questions
1 Views

Choose a study mode

Play Quiz
Study Flashcards
Spaced Repetition
Chat to lesson

Podcast

Play an AI-generated podcast conversation about this lesson

Questions and Answers

Which level of strategy involves decisions about the organization as a whole?

  • Operational level strategy
  • Corporate level strategy (correct)
  • Business level strategy
  • Functional level strategy

    • Who is responsible for formulating Corporate level strategy?

  • Functional managers
  • Business level managers
  • Senior executives & other Corporate staff (correct)
  • Operational managers

    • What does the Business level strategy involve?

  • Decisions about corporate vision and mission
  • Decisions about the organization as a whole
  • Decisions about the strategic business unit (SBU) (correct)
  • Decisions about specific functional areas

    • What is the purpose of a corporate vision according to the text?

    <p>To state management's aspirations for the business</p> Signup and view all the answers

    Who encouraged the Operational Level Strategy according to the text?

    <p>Peter Drucker</p> Signup and view all the answers

    What are the four key elements of the strategic management process?

    <p>Developing Vision, Mission &amp; Objectives</p> Signup and view all the answers

    Who formulates Corporate level strategy according to the text?

    <p>Chief Executive Officer, Board Of Directors, Senior executives &amp; other Corporate staff</p> Signup and view all the answers

    What does the Business level strategy involve according to the text?

    <p>Competing successfully in particular markets, achieving advantage over competitors, identifying new opportunities, developing products or services, and meeting customer needs</p> Signup and view all the answers

    Who is responsible for developing annual objectives and short term strategies at the Functional (Operational) Level according to the text?

    <p>Managers in functional areas such as HR, Marketing, Finance, Production, Customer service, and R &amp; D</p> Signup and view all the answers

    What is the purpose of a corporate vision according to the text?

    <p>To state management's aspirations for the business and provide a view of where the organization is going</p> Signup and view all the answers

    What are the hierarchial levels of strategy mentioned in the text?

    <p>Corporate level, Business level, Functional level</p> Signup and view all the answers

    Who sets objectives, analyses internal & external environment, and formulates strategies at the Corporate level?

    <p>Chief Executive Officer, Board Of Directors, Senior executives &amp; other Corporate staff</p> Signup and view all the answers

    What are the four key elements of the strategic management process mentioned in the text?

    <p>Developing Vision, Mission &amp; Objectives</p> Signup and view all the answers

    What does the Business level strategy involve according to the text?

    <p>Competing successfully in particular markets, achieving advantage over competitors, identifying or creating new opportunities, developing products or services, and meeting customer needs to achieve long-term profitability or market share growth</p> Signup and view all the answers

    Who is responsible for developing annual objectives & short term strategies at the Functional (Operational) Level?

    <p>Managers of different functional areas such as HR, Marketing, Finance, Production, Customer service &amp; R &amp; D</p> Signup and view all the answers

    More Like This

    Use Quizgecko on...
    Browser
    Open
    Browser
    Browser